What is Family Office?
The concept of a “family office” has been around for almost two centuries and was designed to manage, grow, and transfer a family’s wealth across generations. Traditionally, a family office is a private company managing the wealth of a single family in excess of $100 million. Typically, these companies centralize the management of the family’s wealth and have employees to carry out investments, taxes, property management, administration and bookkeeping, philanthropic, and legal matters.
Up until recently the concept of a family office was exclusively for the world's richest. The thought of a family office conjured up images of yachts, private islands, and powerful empires. With vast wealth, the fortunes of these families have to be managed like a corporation: with tax strategies, wealth management and investment advice, and legal matters. What if we told you that Family Office services are no longer just for the Waltons, the Bezos, the Gates? What if we told you that you can experience the peace of mind of having a trusted advisor manage your personal finances?
While it may seem like an extravagance, far too often we see personal finances fall by the wayside. At its core, Family Office with Breakaway offers a white-glove service to professionals who want the confidence of having their finances under control without the stress of having to manage it through monthly reconciliations, spreadsheets, and late night (and late) bill payments. By seamlessly handling your family’s finances, our clients enjoy less stress and more time with family and friends to enjoy the life they work so hard for.
So what does Family Office with Breakaway look like?
Independent: We work for our clients and keep their best interests at heart. Our advisors understand that each family has different dynamics and treats them delicately and with discretion. Additionally, our fractional model means that each advisor works with several clients, and is not an in-house employee. This not only makes Family Office accessible to more people, but means that our advisors are constantly field testing best practices, learning about top-of-the-line software, and networking with the best in the biz to make your experiences even better.
Tech-enabled & virtual: We've developed best-in-class technology-driven workflow systems and processes. Because of this we can spend more time where it really matters, working with our clients and focusing on their needs.
Nimble: We are not a one-person show. We work with a community of bookkeeping professionals giving us the ability to scale up depending on the needs of our clients. So as your financial situation evolves, we, too, can change to meet your new needs.
Organized personal bookkeeping & administration: We will work with you to create budgets and come up with strategies to manage your debts. We also do the heavy lifting and track spending closely to ensure that your financial goals are met.
Property Management & Concierge Services: We understand the unique challenges that come with owning and managing multiple properties. As a result, we treat managing your properties like a business and can help with things like household payroll, reporting, mail processing, and concierge services.
A vetted financial network: Finding a CPA, Investment Advisor, Estate Lawyer, and all the people needed to support a family’s assets can be time-consuming and draining. No matter where you live, your Breakaway Advisor can help you identify and manage the right team.
Bespoke: No request is too big or small for us. We are here for our clients to help them solve whatever financial quandary they have!
If you're interested in learning more about Family Office and how we can help you, please reach out via email to start the conversation!